Pitney Bowes (NYSE:PBI) Reaches New 52-Week High Following Better-Than-Expected Earnings

Pitney Bowes Inc. (NYSE:PBI)’s stock price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $5.07 and last traded at $5.04, with a volume of 1403481 shares traded. The stock had previously closed at $4.21.

The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. Pitney Bowes had a negative net margin of 11.67% and a negative return on equity of 3.09%. The business had revenue of $831.00 million during the quarter, compared to analysts’ expectations of $797.00 million. During the same quarter last year, the company posted ($0.01) earnings per share. The business’s quarterly revenue was down .4% on a year-over-year basis.

Pitney Bowes Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Thursday, May 23rd will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Wednesday, May 22nd. Pitney Bowes’s dividend payout ratio is presently -9.22%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Pitney Bowes from a “hold” rating to a “buy” rating in a research note on Friday.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI purchased a new position in shares of Pitney Bowes during the fourth quarter worth approximately $30,000. Syon Capital LLC purchased a new stake in shares of Pitney Bowes during the 3rd quarter worth $32,000. CenterBook Partners LP purchased a new stake in shares of Pitney Bowes during the 3rd quarter worth $33,000. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Pitney Bowes during the 4th quarter worth $55,000. Finally, First Citizens Bank & Trust Co. increased its holdings in shares of Pitney Bowes by 20.8% in the 4th quarter. First Citizens Bank & Trust Co. now owns 16,016 shares of the technology company’s stock valued at $70,000 after purchasing an additional 2,753 shares in the last quarter. 67.88% of the stock is owned by institutional investors and hedge funds.

Pitney Bowes Stock Up 0.3 %

The company’s 50 day moving average is $4.18 and its 200 day moving average is $4.07.

Pitney Bowes Company Profile

Pitney Bowes Inc, a shipping and mailing company, provides technology, logistics, and financial services to small and medium-sized businesses, large enterprises, retailers, and government clients in the United States and internationally. It operates through Global Ecommerce, Presort Services, and SendTech Solutions segments.